Press Releases
Marcus & Millichap Announces the Sale of O’Reilly Shops in Ohio
April 17, 2024
LONDON, Ohio, April 17, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of O'Reilly Shops, a 13,023-square-foot retail property located in London, Ohio. The asset sold for $1,830,000.
Brennan Clegg, Mark Ruble, Chris Lind, and Zack House, investment specialists in Marcus & Millichap’s Columbus and Phoenix offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Craig Fuller, Christopher Jackson, Erin E. Patton, and Scott Wiles, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices.
"With the current financing environment and interest rate sensitivity, Buyers have shifted their focus to multi-Tenant assets due to the higher yields in this space,” said Clegg. "Coupled with the strong performance among retailers and record low vacancy in the retail sector – it made for an appealing acquisition," Clegg continues, “our team, utilizing our firm’s collaboration, was able to create a competitive market for this particular deal, generating multiple offers and bringing a strong Buyer to the closing table".
O'Reilly Shops is located at 229 Lafayette Street in London, Ohio. The subject property is a fully occupied retail center featuring a diverse tenant roster, all under triple-net leases. Known as O’Reilly Shops, it sits at a signalized intersection within a robust retail area alongside major national tenants including Kroger, Walmart, Tractor Supply Co, Sherwin-Williams, CVS, Bealls, and others.
Brennan Clegg, Mark Ruble, Chris Lind, and Zack House, investment specialists in Marcus & Millichap’s Columbus and Phoenix offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Craig Fuller, Christopher Jackson, Erin E. Patton, and Scott Wiles, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices.
"With the current financing environment and interest rate sensitivity, Buyers have shifted their focus to multi-Tenant assets due to the higher yields in this space,” said Clegg. "Coupled with the strong performance among retailers and record low vacancy in the retail sector – it made for an appealing acquisition," Clegg continues, “our team, utilizing our firm’s collaboration, was able to create a competitive market for this particular deal, generating multiple offers and bringing a strong Buyer to the closing table".
O'Reilly Shops is located at 229 Lafayette Street in London, Ohio. The subject property is a fully occupied retail center featuring a diverse tenant roster, all under triple-net leases. Known as O’Reilly Shops, it sits at a signalized intersection within a robust retail area alongside major national tenants including Kroger, Walmart, Tractor Supply Co, Sherwin-Williams, CVS, Bealls, and others.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
